Colombian Peso exchange rate and related issues

[Bango Cheito]

If you think it's bad now wait till OPEC dumps the USD. You ain't seen nothing yet.

[Bango Cheito]

Could be the fact that Colombia's economy is booming, inflation is low and the credit bubble is bursting in the USA? That combined with the fact that Colombia doesn't need the USA just to be decent.

[Gimmedub]

What is making the peso such a strong currency?

Especially with the pending vote in congress for the FTA that might not go through.

Can anyone shed some light into this?

[Davidb3069]

Avoid Bancolombia at all costs. I used them for a purchase in Jan. Of last year. Those motherfuckers put me through hoops that I still can't believe.

They refused to allow me to open an account 3 different times over 2 years. And I had a current Colombian cedula each time. I finally had to have the money wired into my novia's account.

Then about 9 million pesos was stolen from that Bancolombia account. Bancolombia told us that it would take up to 6 months to get the money back to me. It has now been 3 months, and I have heard nothing.

I recommend trying BBVA or Davivienda.

Sounds like the banks here in Ecuador where I live. The locals tell me that they take money from people's accounts to cover other people's (unrelated) bounced checks. Now that's security. Glad I keep my money in US banks and just withdrawl it when I need it.

David

[Davidb3069]

I don't know where you got that rate. It has not gone below 1800. A no-fee ATM card would have gotten you over 1800 that week. Here is one example of a no-fee ATM card: http://www.capitalone.com/

I got that rate by buying pesos in Cartagena that week with dollars. You are right that the credit card (debit card) rate was a bit higher. Mine came out to 1821 (1803 with exchange fees). Still pretty poor.

David

[Tom 33]

The week of 3/29 to 4/2 the exchange rate was 1,700 COP. The worst I've ever seen it. Compare that to a year+ ago when it was 2,100-2,200+.

I don't know where you got that rate. It has not gone below 1800. A no-fee ATM card would have gotten you over 1800 that week. Here is one example of a no-fee ATM card: http://www.capitalone.com/

[Davidb3069]

The week of 3/29 to 4/2 the exchange rate was 1,700 COP. The worst I've ever seen it. Compare that to a year+ ago when it was 2,100-2,200+.

[Papi Que Rico]

I've heard in Caracas, Venezuela there are street guys who will sell you Bolivares (currency) at a better exchange rate (of course some have real currency and some have fake); anyone know of such guys being prevalent in Bogota?

Rodeo

There has been a black market in Ven. for years. The Colombian peso is too strong for that type of action.

[Rodeo9112]

I've heard in Caracas, Venezuela there are street guys who will sell you Bolivares (currency) at a better exchange rate (of course some have real currency and some have fake); anyone know of such guys being prevalent in Bogota?

Rodeo

[Tjmee]

If you want to save some money and kinda slow down of paying the chicks, stop going there for a couple weeks. Like strike for a couple weeks and they will go lower..

[Jchipper]

Next time ask for help. I could have got the money here thru my contatcs at BanColombia, they would have opened you your own account, as WC Fields said, ; There's one born everyday!

[AddictedToWomen]

Some of the english contractors I work with were calling the dollar the new american pesos.

With the Fed continuing to cut intrest rates on loans, artiffically trying to boost the "dow jones average" to keep the "waller streeters happy", and keep the average american spending well probly see more and more of a decline in the dollar,

...

Our only hope is if the Fed decided to increase intrest rates to stem inflation which could be likely, or if drastically we went to gold standard, or if Colombia artifically pegged their currency to the dollar in order to keep selling flowers, coffee and goods to their number 1 trading partner or if the farc blew something up hurting the Colombian economy. Otherwise we could see a 1500 to one pesos exchange rate!

There was an article in The Economist several years ago showing how the value of the dollar has declined in the long term against world currencies. And with unfriendly foreign governments holding so much dollar wealth now -- enough to sink the Great Ship USA if they decided to unload -- it would be very useful to be able to repay them with a couple of bags of rice and a broken Chinese (lead free!) toy.

When I first came to Colombia it was about 1500 (or less?). Shame I want to buy a house now.

[Tom 33]

Maybe I don't understand. But from what you say. "You had to put the money in your Novia's account" I have a feeling the money was taken out by her (stolen). Not the bank. I WILL BET ON THAT. As my grandfather would say. A holes a hole. Put them against the wall. F them all.

Well you'd lose that bet. We have been dating for 4 years now. I had money transferred to her account to buy an apartment in Medellín last year because Bancolombia refused to open an account for me even though I held a VISA and owned property in Colombia since 2003.

Bancolombia has acknowledged the theft and says that it will take up to 6 months to investigate.

[Loumann]

Maybe I don't understand. But from what you say. "You had to put the money in your Novia's account" I have a feeling the money was taken out by her (stolen). Not the bank. I WILL BET ON THAT. As my grandfather would say. A holes a hole. Put them against the wall. F them all.

Avoid Bancolombia at all costs. I used them for a purchase in Jan. Of last year. Those motherfuckers put me through hoops that I still can't believe.

They refused to allow me to open an account 3 different times over 2 years. And I had a current Colombian cedula each time. I finally had to have the money wired into my novia's account.

Then about 9 million pesos was stolen from that Bancolombia account. Bancolombia told us that it would take up to 6 months to get the money back to me. It has now been 3 months, and I have heard nothing.

I recommend trying BBVA or Davivienda.

[Sailor2006]

Some of the english contractors I work with were calling the dollar the new american pesos.

With the Fed continuing to cut intrest rates on loans, artiffically trying to boost the "dow jones average" to keep the "waller streeters happy", and keep the average american spending well probly see more and more of a decline in the dollar, It doesnt help that the colombians keep increasing their rates so lenders make more on money loans.

Its a pretty bad situation for those living on dollar incomes, inflation is high here about 10% and the dollar declined like 20% so cost of living went up close to 30%.

The price of pussy has been on the rise here for example
San Diego prices 2006=70,000 COP(2250ish exchange)=31.0USD
San Diego prices 2008=100,000 COP (1850ish exchange)= 54.0 USD

Thats a 23 USD increase in 2 years!

Its basically the same at every strip club or message parlor.

What was said before about loosing 100USD for every 1, 000 USD spent is true, not too mention ATM fees, or visa charges.

Our only hope is if the Fed decided to increase intrest rates to stem inflation which could be likely, or if drastically we went to gold standard, or if Colombia artifically pegged their currency to the dollar in order to keep selling flowers, coffee and goods to their number 1 trading partner or if the farc blew something up hurting the Colombian economy. Otherwise we could see a 1500 to one pesos exchange rate!